Backing up your brain

So today I ran across a story on gizmodo about Microsoft developing technology that will allow you to backup or store all your memories and experiences onto a hard disk for quick recollection or search in the future, they call it MyLifeBits. From the story they say that 1TB would be more then enough to store all the text documents, audio files and photos to document our entire life, with video only limited to 4 hours a day for 1 year. The system has special sensing software that determines when a moment seems to be important and should be documented. I would be curious to know what sort of algorithm they will use to determine when a moment is important, I mean there are probably a lot of factors involved in determining whether a moment in our life strikes us as something that maybe be useful to know about in the future, but then how do you differentiate moments that may not be something you would want to remember but the system may think they are with the moments that you truly do want to remember. I think it's cool that you can carry something like this along with you but I don't know how useful it will be, I can already see people no longer needing to memorize anything, and every time they need to recall just pull up a virtual keyboard type in what you are looking for and have it retrieved. I guess it will free us from having to remember everything and just living life but we may take remembering things like special occasions for granted, and what happens if we happen to loose this information, and what if this hard disk was stolen. Well anyway it's pretty cool to see them developing something like this but it will definitely have implications in our already information hungry society :).